06/04/2020
[ FISCAL IMPACT OF COVID-19 ]
DPM Heng: The additional measures in the Solidarity Budget will cost $5.1 billion.
I have sought and obtained President Halimah Yacob’s in-principle support to draw on an additional $4 billion from Past Reserves. The remaining $1.1 billion will be funded from the fiscal space of this term of Government.
Taken together, the Government’s response to COVID-19 will total almost $60 billion, or about 12% of GDP.
This is an unprecedented budget, for an extraordinary time. The situation remains highly fluid and uncertain. The Government stands ready to provide further support, should it become necessary.